U.S. Court of Appeals for the Second Circuit 2nd Circuit Blocks NY Regulators' Lawsuit Against Federal Agency Over Fintech Charters
A unanimous three-judge panel of the Manhattan-based appeals court ruled Thursday that DFS, which regulates financial institutions in New York, lacked Article III standing to bring its lawsuit.
June 03, 2021 at 05:13 PM
4 minute read
The U.S. Court of Appeals for the Second Circuit has blocked the New York State Department of Financial Services' challenge to a federal regulation that allows financial technology companies to receive certain types of bank charters.
A unanimous three-judge panel of the Manhattan-based appeals court ruled Thursday that DFS, which regulates financial institutions in New York, lacked Article III standing to bring its lawsuit, as an office within the U.S. Treasury was set to begin accepting applications for fintech companies to obtain special purpose national bank charters.
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